Chinese regulators approved Wal-Mart Stores Inc.'s WMT -0.38% purchase of a majority stake in Chinese e-commerce company Yihaodian, a Wal-Mart spokesman said Tuesday.
The approval paves the way for the U.S. retailer's expansion online in China, where e-commerce is booming.
Antimonopoly regulators from China's Ministry of Commerce approved the increase in the Bentonville, Ark,. company's stake in Yihaodian to 51% from the current 18%, the spokesman said, adding that the transaction still remains subject to final closing conditions.
Wal-Mart didn't disclose financial details of the deal.
The U.S. retailer hopes to expand its e-commerce presence in China, where online business-to-consumer transactions are poised to expand fivefold to 665 billion yuan ($100 billion) over the next two years, Beijing-based research firm Analysys International forecasts...
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